Your current auto insurance rate isn’t etched in stone, as there are several factors that determine what a driver’s exact rate is. If you’re unhappy with your current auto insurance rate and feel you’re paying too much, you might want to think about what has changed in your life since you initially received your current rate. Some life changes can cause your car insurance rate to go down, so if any of the following has happened to you, you might want to shop around for a new car insurance rate and see if you qualify for something better:
Your driving record has improved
It’s probably no surprise that having a flawed driving record can cause your car insurance rates to skyrocket. From serious car accidents to receiving points on your license from a minor traffic citation, you might be paying a car insurance rate that’s higher than average due to your driving history. But if it’s been a while since the incident and you’ve maintained a good driving record, you might qualify for a new car insurance rate. Call your auto insurance company and find out if enough time has passed and if you’re eligible for a new rate. If it’s too soon, ask when you might qualify for a lower rate in the future, and be sure to set a reminder for yourself so that you can contact your insurance carrier again.
You bought a new car
Did you know that the type of car you have could affect your car insurance rate? Sports cars or vehicles that have a reputation for being “fast,” for example, tend to come with higher car insurance premiums compared to vehicles that are more family-friendly and have high safety ratings. If your high car insurance rate was due to the type of car you have and you’ve recently opted for a car with a higher safety rating, you might qualify for a better car insurance rate.
You got married
Have you gotten married since you initially received your current car insurance rate? You might now qualify for a better car insurance rate, as studies show that married couples are less likely to get into traffic accidents and more likely to be safe drivers. Notify your car insurance carrier of your marital status change and see if you’re eligible for a lower car insurance rate.
Different cities, states, and even counties have an effect on what your car insurance rate is. If you recently moved, you’ll need to inform your car insurance carrier and your rate might change as a result. This is when things can go either way, though. Although your car insurance rate might go down, depending on where you end up moving to, there is also the possibility that it can go up as well.
You don’t drive as much anymore
Auto insurance rates can be on the higher end if you drive a lot every day, but if your commute has changed and you don’t drive as much, you could potentially qualify for a lower rate.
Are you falling behind on monthly bills and expenses? Peachtree Financial Solutions may be able to help get you the cash you need by purchasing some or all of your future structured settlement payments. Contact Peachtree Financial Solutions today to learn more about selling some or all of your future payments for a lump sum of cash.
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.